Scott Bessent

Scott Bessent
Official portrait, 2025
79th United States Secretary of the Treasury
Assumed office
January 28, 2025
PresidentDonald Trump
DeputyMichael Faulkender
Preceded byJanet Yellen
Commissioner of Internal Revenue
Acting
Assumed office
August 8, 2025
PresidentDonald Trump
DeputyGary Shapley
Preceded byBilly Long
Director of the Consumer Financial Protection Bureau
Acting
February 3, 2025 – February 7, 2025
PresidentDonald Trump
DeputyZixta Martinez
Preceded byZixta Martinez (acting)[1]
Succeeded byRussell Vought (acting)
Personal details
Born
Scott Kenneth Homer Bessent

(1962-08-21) August 21, 1962
Conway, South Carolina, U.S.
Political partyRepublican
Spouse(s)
John Freeman
​
(m. 2011)​
Children2
EducationYale University (BA)

Scott Kenneth Homer Bessent (/ˈbɛsənt/; born August 21, 1962) is an American investor, philanthropist, hedge fund manager and Republican donor.[2][3] Bessent has been the 79th United States Secretary of the Treasury since 2025 during the second Donald Trump administration. He is the founder of Key Square Group, an investment firm.[4][5][6]

In November 2024, President-elect Donald Trump nominated Bessent to be his Treasury Secretary for his second administration.[7][8] He was confirmed by the United States Senate to the office on January 27, 2025 by a vote of 68–29.[9][10]

Bessent is the second openly gay man to serve in the Cabinet of the United States and the fourth openly gay man to serve in a cabinet-level office.[11] He is also the highest-ranking openly LGBT person in American history.[12][13]

Early life and education

Bessent was born in Conway, South Carolina to Barbara McLeod and Homer Gaston Bessent Jr..[14][15][16] He graduated from Yale University in 1984.[15][17] 

Business career

Bessent joined Soros Fund Management (SFM) in 1991 and was a partner there during the 1990s.[14][3][18][19][20] After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund.[14][21] The fund closed in 2005. Bessent has said he learned that he shouldn’t change his style or the construct of the firm because of investor preferences.[6]

He was also a senior investment advisor at fund-of-funds Protégé Partners.[22][3] In 2011, Bessent returned to SFM as Chief Investment Officer.[18][23] Bessent was SFM's CIO until 2015, when he left to begin a new firm, Key Square Group.[19][20]

From 2006 to 2011, he taught economic history at Yale University.[3][6] He is also a philanthropist who donates money to restore historic buildings in South Carolina and to children's hospitals.[24][25]

Bessent founded Key Square Group in 2015.[26]

Political fundraising

In 2000, Bessent hosted a fundraiser for Vice President Al Gore's 2000 presidential campaign at his East Hampton, New York, home.[27] In 2016, Bessent donated $1 million to Donald Trump's 2017 first presidential inaugural committee.[28]

In 2024, Bessent hosted many fundraisers for Trump's 2024 campaign.[29][30] In July 2024, Bessent became an economic advisor to Trump.[31]

U.S. Secretary of the Treasury

Nomination

After Trump was elected president in 2024 presidential election, he was seen as a possible candidate for United States Secretary of the Treasury in a second Trump administration.[32][33]

On November 22, 2024, President-elect Trump named Bessent as his pick for Secretary of the Treasury.[8]

Bessent appeared before the Senate Committee on Finance on January 16, 2025. During the hearing, Bessent defended plans to add tariffs, supported tax cut extensions, and called for tougher economic policies on China and Russia.[34] The Senate Committee on Finance confirmed his nomination in a 16–11 vote on January 21, 2025.[35]

The United States Senate Committee on Finance advanced his nomination to the floor of the United States Senate in a 16–11 vote on January 21, 2025.[36] The Senate voted 68–29 to approve his nomination on January 27.[37][38]

Tenure

On January 31, Bessent gave Elon Musk and his Department of Government Efficiency team access to the Treasury Department's payment system, which sends out $6 trillion annually in payments from federal agencies and has millions of Americans' personal tax information.[39] On February 3, 2025, Bessent was concurrently named the acting director of the Consumer Financial Protection Bureau, replacing Zixta Martinez, who had been serving as acting director of the Consumer Financial Protection Bureau since the firing of Rohit Chopra on February 1.[40] Bessent immediately ordered the agency to halt all work.[41] On February 3, Bessent, with acting United States Secretary of Commerce Jeremy Pelter, was tasked with implementing a United States Sovereign Wealth Fund.[42]

In August 2025, Bessent became acting Commissioner of Internal Revenue after President Trump removed Billy Long from the role.[43]

Personal life

Bessent lives in Charleston, South Carolina.[44] Bessent and his husband, lawyer John Freeman, have two children.[45]

References

  1. ↑ Williams, Claire (February 1, 2025). "Chopra out at the CFPB". American Banker.
  2. ↑ Saul, Derek. "What To Know About Scott Bessent: Potential Trump Treasury Pick Founded Key Square Hedge Fund". Forbes. Retrieved 13 November 2024.
  3. ↑ 3.0 3.1 3.2 3.3 Zuckerman, Gregory (September 20, 2011). "Soros Puts New Man at Helm". The Wall Street Journal. Retrieved November 12, 2024.
  4. ↑ Foley, Stephen (2015-08-04). "Scott Bessent quits Soros group to launch hedge fund". Financial Times. Retrieved 2024-11-12.
  5. ↑ Foley, Stephen; Johnson, Miles; Childs, Mary (2016-01-05). "Former George Soros executive raises $4.5bn for new fund". Financial Times. Retrieved 2024-11-12.
  6. ↑ 6.0 6.1 6.2 “Life and Money Management,” Yale Alumni Magazine, Sept/Oct 2015   
  7. ↑ Holland, Steve; Ulmer, Alexandra; Delevingne, Lawrence (November 9, 2024). "Bessent, seen as a leading candidate for Treasury Secretary, meets with Trump, sources say". Reuters. Retrieved November 12, 2024.
  8. ↑ 8.0 8.1 Restuccia, Andrew; Schwartz, Brian; Timiraos, Nick; Leary, Alex (November 22, 2024). "Trump Picks Scott Bessent as Treasury Secretary". The Wall Street Journal. Retrieved November 22, 2024.
  9. ↑ "Senate confirms Scott Bessent as Trump's Treasury secretary". USA Today. 2025-01-27. Retrieved 2025-01-27.
  10. ↑ "Senate confirms Scott Bessent as treasury secretary". CNN. January 27, 2025. Retrieved January 27, 2025.
  11. ↑ Ring, Trudy (November 23, 2024). "Trump nominates investment manager Scott Bessent, a gay man, as Treasury secretary". The Advocate. Retrieved November 30, 2024.
  12. ↑ Christopher Kane (November 24, 2024). "Trump nominates gay man for Treasury secretary". Washington Blade. Retrieved December 5, 2024.
  13. ↑ "Trump's new Treasury secretary is the highest-ranking LGBTQ official in history". Miami Herald. January 28, 2025. Retrieved January 28, 2025.
  14. ↑ 14.0 14.1 14.2 "Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund," Business Insider, September 19, 2011
  15. ↑ 15.0 15.1 "Scott Bessent". The Sun News. 1984-07-08. p. 8D. Retrieved 2024-11-15 – via Newspapers.com.
  16. ↑ "Homer G. Bessent Jr". The Sun News. 2000-01-15. p. 2C. Retrieved 2024-11-15 – via Newspapers.com.
  17. ↑ "Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO," Bloomberg, September 19, 2011
  18. ↑ 18.0 18.1 "Soros appoints new CIO to family office," Financial Times, September 19, 2011
  19. ↑ 19.0 19.1 “Soros’s Investment Chief to Depart,” Wall Street Journal, August 4, 2015   
  20. ↑ 20.0 20.1 “Soros’ CIO to Start Own Hedge Fund with $2 Bln,” Reuters, August 4, 2015   
  21. ↑ “Soros’ European Investment Head Bessent Leaves,” Bloomberg, June 8, 2000   
  22. ↑ "Soros Aide Wins Kudos for Japan Bets," Wall Street Journal, February 14, 2013
  23. ↑ “George Soros’ Protégé Just Nailed One of the Biggest Hedge Fund Launches Ever,” Business Insider, January 5, 2016   
  24. ↑ McDermott, John (July 31, 2022). "SC Hedge Fund Investor Looks to Spread the Word About math and Financial Literacy". Post and Courier.
  25. ↑ Hogan, Laura (February 3, 2022). "Carolopolis Awards Include Historic Homes, Visitor Center, Brick House Ruins". Post and Courier.
  26. ↑ “Ex-Soros’s Bessent Raises $4.5 Billion For New Hedge Fund Firm,” Bloomberg, January 5, 2016
  27. ↑ Dao, James (Aug 6, 2000). "THE 2000 Campaign: The Vice President; Gore's Theme-a-Day Tour Will Start With a No. 2 Pick". The New York Times.
  28. ↑ Kight, Stef (April 19, 2017). "The big $$$ donors to Trump's Inaugural Committee". Axios.
  29. ↑ Kim, Soo Rin; Ibssa, Lalee (February 21, 2024). "Trump brings in more than $6.8 million from Greenville, South Carolina, fundraiser ahead of primary". ABC News.
  30. ↑ "Trump Campaign Says $50.5 Million Haul Doubled Biden's Fundraiser". Newsweek. April 6, 2024.
  31. ↑ Cook, Nancy; Green, Joshua; Parker, Mario (July 16, 2024). "Trump on Taxes. Tariffs, Jerome Powell and More". Bloomberg.
  32. ↑ Leary, Alex; Restuccia, Andrew; Lombardo, Cara (April 1, 2024). "Trump Eyes High-Profile Wall Street D.C. Veterans for Treasury Secretary". The Wall Street Journal.
  33. ↑ Reklaitis, Victor. "Possible Trump Pick for Treasury Lays Out 3-Point Economic Plan that Calls for Deregulation, Lower Deficit". MSN.
  34. ↑ Rappeport, Alan; Duehren, Andrew (2025-01-16). "Trump Treasury Pick Scott Bessent Defends Plans to Cut Taxes and Raise Tariffs". The New York Times. ISSN 0362-4331. Retrieved 2025-01-17.
  35. ↑ Stratford, Michael (2025-01-21). "Senate panel advances Bessent nomination". Politico. Retrieved 2025-01-21.
  36. ↑ Stratford, Michael (2025-01-21). "Senate panel advances Bessent nomination". Politico. Retrieved 2025-01-21.
  37. ↑ "Senate confirms Scott Bessent as Trump's Treasury secretary". USA Today. 2025-01-27. Retrieved 2025-01-27.
  38. ↑ "Senate confirms Scott Bessent as treasury secretary". CNN. January 27, 2025. Retrieved January 27, 2025.
  39. ↑ Duehren, Andrew; Haberman, Maggie; Schleifer, Theodore; Rappeport, Alan (2025-02-01). "Elon Musk's Team Now Has Access to Treasury's Payments System". The New York Times. ISSN 0362-4331. Retrieved 2025-02-02.
  40. ↑ Tokar, Dylan; Eisen, Ben (February 3, 2025). "Bessent Takes Helm of Consumer Finance Watchdog, Orders Halt to Work". The Wall Street Journal. Retrieved February 3, 2025.
  41. ↑ Wamsley, Laurel (2025-02-03). "Treasury Secretary Bessent, tapped to run CFPB, orders staff to halt work". NPR. Retrieved 2025-02-04.
  42. ↑ "A Plan For Establishing A United States Sovereign Wealth Fund". Whitehouse.gov. United States of America. Retrieved 4 February 2025.
  43. ↑ Duehren, Andrew; Rappeport, Alan; Haberman, Maggie (August 8, 2025). "Trump Is Replacing Billy Long as I.R.S. Commissioner". The New York Times. Retrieved August 8, 2025.
  44. ↑ McDermott, John (July 31, 2022). "SC hedge fund investor looks to spread the word about math and financial literacy". Post and Courier.
  45. ↑ Zuckerman, Gregory; Rudegeair, Peter (October 10, 2024). "The Ex-Soros Executive Who is Trump's New Obsession". The Wall Street Journal.

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Government offices
Preceded by
Zixta Martinez
Acting 		Director of the Consumer Financial Protection Bureau
Acting
2025 		Succeeded by
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Acting
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